Did you know the UK loses £20 billion annually due to skills shortages? With AI and automation reshaping industries, the need for upskilling has never been greater.
Skills for Economic Growth
Research suggests that skills and training are vital for boosting the UK's economic growth by enhancing productivity and employability.
It seems likely that investing in skills could increase UK productivity by 5%, according to the OECD, and address a £20 billion annual economic cost from skills gaps, as estimated by the Learning and Work Institute.
Government initiatives like Skills England and the Growth & Skills Levy highlight the focus on skills for economic development, especially with technological changes.
Importance of Skills and Training
Skills and training are essential for individuals, as they improve employability and earning potential, helping people secure better jobs and advance in their careers. For the UK economy, these skills drive business productivity, which is crucial for growth. Research from the OECD suggests that reducing skills mismatch could boost productivity by 5%, aligning the UK with top economies. The Learning and Work Institute estimates that not investing enough in skills costs the economy up to £20 billion yearly, showing the economic stakes. A study from the Centre for Economic Performance at the London School of Economics found that increasing the proportion of trained workers by one percentage point raises value added per worker by 0.6%, directly linking training to productivity gains. With rapid technological changes, skills are key for the workforce to stay competitive, supporting the UK's global market position.
Government Initiatives
The UK government is actively addressing this through initiatives like Skills England, a new body to enhance skills development, and the proposed Growth & Skills Levy, which aims to make training more flexible for businesses. These efforts underscore the recognition that a skilled workforce is fundamental for driving economic growth and improving living standards, especially in adapting to new technologies.
Importance of Upskilling
Upskilling in AI and automation is crucial for adapting to future work changes.
AI is projected to create a net increase of 78 million jobs by 2030, making upskilling essential. The evidence leans toward upskilling enhancing employability, productivity, and economic growth, especially in high-tech sectors. This is vital for social equity, helping mitigate job displacement risks and ensuring broader access to AI benefits.
Upskilling is essential for workers to remain employable and adapt to these changes. For organisations, it boosts productivity and innovation, ensuring competitiveness. It also promotes social equity by reducing the risk of widening inequality, ensuring broader access to AI benefits. Continuous learning in AI and automation is necessary for career longevity and organisational success in the digital age.
UK Government Funding
The UK Government funds Skills Bootcamps as part of the National Skills Fund, a £2.5 billion initiative to help adults gain skills and improve job prospects. Recent announcements include a £34 million boost for more training places and £21.6 million specifically for London in 2024-2025, focusing on regional needs. This funding supports a range of training opportunities, including fully funded and co-funded courses and free, flexible courses up to 16 weeks (depending on your work demand), covering sectors like digital, construction, and green skills.
Skills Bootcamps are training programs in the UK aimed at helping adults aged 19 and over develop new skills that are in demand by employers.
70% Funded Training
At ABP School of Automation we are offering businesses the opportunity to take advantage of this Skills Bootcamp fund to be able to upskill and train your team to use AI-Powered Automation Tools.
Key Information
· 70% funded training via ABP School of Automation
· 30% contribution from employers
· 200hrs of guided learning by industry experts
· Tailored curriculum – AI Powered Automation
· Delivered online via Microsoft Teams
· 1 Industry exam booked on completion
Courses Starting April & May!
Don’t miss out! Secure your spot in our AI-powered automation training today.
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